Maridea Wealth Management LLC Raises Holdings in Warby Parker Inc. $WRBY

Key Points

• Maridea Wealth Management boosted its Warby Parker stake by 179.3% in the first quarter, ending with 112,581 shares valued at about $2.37 million.
• Warby Parker’s latest quarterly results showed EPS of $0.03, missing analyst expectations, while revenue of $242.45 million beat estimates and rose 8.4% year over year.
• Wall Street remains broadly positive on WRBY, with a Moderate Buy consensus and an average price target of $29.50, even as some insiders have sold shares recently.

Maridea Wealth Management LLC increased its holdings in shares of Warby Parker Inc. (NYSE:WRBY - Free Report) by 179.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 112,581 shares of the company's stock after acquiring an additional 72,275 shares during the period. Maridea Wealth Management LLC owned approximately 0.11% of Warby Parker worth $2,372,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Man Group plc grew its stake in shares of Warby Parker by 1.6% during the 2nd quarter. Man Group plc now owns 25,095 shares of the company's stock worth $550,000 after purchasing an additional 400 shares during the period. Farther Finance Advisors LLC raised its holdings in Warby Parker by 41.4% during the fourth quarter. Farther Finance Advisors LLC now owns 1,687 shares of the company's stock worth $37,000 after purchasing an additional 494 shares during the last quarter. First Horizon Corp raised its holdings in Warby Parker by 96.7% during the fourth quarter. First Horizon Corp now owns 1,210 shares of the company's stock worth $26,000 after purchasing an additional 595 shares during the last quarter. Choreo LLC boosted its position in Warby Parker by 4.6% during the third quarter. Choreo LLC now owns 16,605 shares of the company's stock worth $458,000 after purchasing an additional 728 shares in the last quarter. Finally, Rafferty Asset Management LLC boosted its position in Warby Parker by 5.4% during the second quarter. Rafferty Asset Management LLC now owns 15,899 shares of the company's stock worth $349,000 after purchasing an additional 819 shares in the last quarter. Hedge funds and other institutional investors own 93.24% of the company's stock.

Warby Parker Stock Performance

WRBY stock opened at $29.11 on Friday. The stock's 50 day moving average price is $25.30 and its 200 day moving average price is $24.81. The firm has a market cap of $3.12 billion, a P/E ratio of 1,456.23 and a beta of 1.96. Warby Parker Inc. has a 1 year low of $14.96 and a 1 year high of $31.00.

Warby Parker (NYSE:WRBY - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.08). Warby Parker had a return on equity of 2.30% and a net margin of 0.15%.The company had revenue of $242.45 million for the quarter, compared to analysts' expectations of $239.44 million. During the same period in the previous year, the business posted $0.03 EPS. The business's quarterly revenue was up 8.4% on a year-over-year basis. On average, research analysts predict that Warby Parker Inc. will post 0.19 earnings per share for the current year.

Wall Street Analyst Weigh In

WRBY has been the topic of several research reports. BTIG Research upped their target price on Warby Parker from $32.00 to $34.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Piper Sandler reaffirmed an "overweight" rating on shares of Warby Parker in a research note on Tuesday, May 19th. Weiss Ratings upgraded shares of Warby Parker from a "sell (d)" rating to a "hold (c-)" rating in a research report on Monday, May 11th. Citigroup reissued a "market outperform" rating on shares of Warby Parker in a research note on Friday, May 22nd. Finally, Telsey Advisory Group raised their target price on shares of Warby Parker from $32.00 to $33.00 and gave the company an "outperform" rating in a report on Friday, May 8th. Nine research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $29.50.

Insider Buying and Selling

In related news, Director Youngme E. Moon sold 10,000 shares of the business's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $26.53, for a total value of $265,300.00. Following the completion of the transaction, the director owned 26,061 shares of the company's stock, valued at approximately $691,398.33. The trade was a 27.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bradley E. Singer sold 4,833 shares of the company's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $29.01, for a total transaction of $140,205.33. Following the completion of the transaction, the director owned 100,000 shares in the company, valued at approximately $2,901,000. This trade represents a 4.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 203,040 shares of company stock worth $5,470,026 in the last ninety days. 16.80% of the stock is currently owned by insiders.

Warby Parker Profile

Warby Parker, Inc NYSE: WRBY is a U.S.-based eyewear company that designs, manufactures and sells prescription glasses, sunglasses and contact lenses through a direct-to-consumer model. Since its founding, the company has combined online and brick-and-mortar channels to streamline the customer experience, offering features such as virtual try-on technology and a home try-on program that allows consumers to sample frames before purchase.

Established in 2010 by Wharton graduates Neil Blumenthal, Dave Gilboa, Andrew Hunt and Jeffrey Raider, Warby Parker set out to disrupt the traditional optical market by controlling the entire supply chain—from frame design and lens production to warehousing and distribution.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.